Work in the property sector moves fast. This frenetic pace requires property sector businesses to always be on top of all aspects of their work.
That’s where property portfolio management software comes in. Managing agents, surveyors and property syndicate managers can use property portfolio management software to reduce their workload. It saves time by streamlining their day-to-day tasks. This allows them to spend more time driving their business forward, giving savvy landlords an unfair advantage over the competition.
Managing the Stress of the Property Management Sector
Property professionals are under a huge amount of stress. A report by the Chartered Institute of Personnel and Development found that 54% of property professionals are close to burnout. The same report found that property professionals are even more stressed than those working in finance.
Part of the stress of property management is due to the sheer number of tasks that commercial property professionals have to manage. As a property portfolio grows, so do these commitments.
Property portfolio management software alleviates this stress. Property professionals can use software to manage all their daily duties in one place. Customisable software can be adjusted to meet a business’ specific needs.
Property Portfolio Management Software: Manage All Your Processes in One Place
The day-to-day duties of a property professional are diverse. They include collecting rent and ensuring that utility safety certificates are up to date. These tasks can multiply for those managing commercial properties. Property portfolio management software allows property owners to track these tasks in a single place, making essential property information accessible.
Property portfolio management software enables property professionals to get more done in less time. Electronic records replace the physical storage of reference history, tenant and supplier information, and rent payment files, reducing the time spent searching through paper records.
Landlords use property portfolio management software to track their properties’ precise details. The software can also track any relevant work carried out by contractors, the occupancy of particular properties, and leases. This information is all stored centrally, meaning it is easy to access anywhere, anytime. The software also handles thousands of portfolios while remaining fast, secure and reliable.
Helping You Keep an Eye on the Numbers
We understand the enormous importance of up-to-date, accurate financial records. This makes accounting the most important feature of any property portfolio management software. Property portfolio software should deal with electronic banking, payment records and incorporate double-entry bookkeeping and transaction logging.
The best software tracks expenses, invoices and receipts from suppliers and tenants, distributing payments when necessary. Additionally, it should manage different contractors that are working on particular properties and distribute service charges to the relevant tenants.
The advantages of property portfolio management software don’t end here. The software can also produce reports that assess whether a property is profitable. Property portfolio management software can assist property professionals as an administrative tool. Used correctly, it could give you an edge on the market.
Yaakov Smith is an entrepreneur who provides creative solutions to everyday business problems. He is the owner and founding manager of Logican Solutions Ltd, which offers a range of industry specific products, including claims management, debt management and property portfolio management software.